1. Field of the Invention
This invention generally relates to a system, method, and computer program product for identifying industry segments with highest potential for new customers or new spending for current customers.
2. Related Art
Card issuing companies increase their revenues through acquisition of new card members or when card members increase their spending. Benefits from using the card, e.g., reward points and the like, are one way card issuing companies try to entice card members to increase their spending. However, in a slow economic market, it's harder to use rewards as an only motivation to entice a card member to increase their spending or gain new card members.
Currently, many card issuing companies perform only incoming customer service functions, including receiving of communications from card members. In some instances, data from these communications is compiled and stored in one or more databases or other storage systems. However, the card issuing companies cannot effectively compile enough data to determine if a card member is using their spending capacity and/or utilizing the benefits of being a card member through only doing data compilation of incoming communications. This is because with such limited data, many of the card issuing companies lack the tools and technology to perform adequate spend diagnostics regarding current card members. The card issuing companies also typically lack any tools that would allow effective and efficient management of their communications with the card members, e.g. historical and/or individual data on each card member. Thus, during communications with the card members, because of the lack of specific information the card issuing companies cannot know if they should or could entice the card members to increase their spending or change their spending habits. Thus, because of the lack of technology or tools, most of the card issuing companies do not adequately and efficiently communicate with their card members, allowing their card members to remain ignorant of the full optimization of their transaction cards and spend capacity.
Also, currently there are few if any methodologies to determine best potential growth industries in which to solicit new card members.
Given the foregoing, what is needed is a system and a method for identifying industry segments with highest potential for new customers or new spending for current customers.